JSW Dulux Limited — Q2FY27 earnings call summary

Filed 10 November 2026 · Official transcript

Q2 FY27 volume growth 21.8%, revenue growth 21.3%, EBITDA INR110.9 Cr +4.4% y-y
Industrial business grew 32%+, decorative mid-double-digit volume growth; industrial margins pressured by raw material inflation
Capex focused on industrial capacity and decorative tinting/store expansion
Project Akshaya synergy savings INR7.3 Cr in Q2; target 7-10% EBITDA improvement annually
Tax rate Q2 low due to one-off favorable order; full year expected ~25%
Working capital elevated due to titanium dioxide prebuy; normalization expected in 3-5 months
Competitive intensity remains high with pricing discipline improving
Price hikes: 7.9% average in quarter, 10.4% exit; industrial price recovery lagging but underway